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Whether assessment can be reopened under Section 147 of the Income Tax Act, 1961, on the basis of audit objection pointing out factual omissions in the original assessment order?

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Sec. 147 of Income Tax Act, 1961— Reassessment - The Hon'ble Apex Court, while dismissing the appeal filed by the Revenue and thereby confirming the judgment of the Allahabad High Court, recorded reasons as to the nonfailure on the part of the assessee to disclose fully and truly all material facts for assessment and further found that notices were bad as they were only on the basis of a change of opinion and the law that an assessment could not be reopened on a change of opinion was the same before and after amendment by the Direct Tax Laws (Amendment) Act, 19867 of Section 147. High Court while dismissing the appeal of the revenue held that “The findings recorded by the ITAT, in the impugned common order as to the non-application of mind on the part of the AO to apply his mind independently for the purpose of reopening of assessment is also sustainable for the reason that the very same official, namely Mr.S.Krishna Kumar, in response to the audit objection dated 31.01.2015, had taken into consideration all the materials placed and requested for dropping of the audit objection and therefore, passing of second order of assessment dated 31.03.2015 by him amounts to change of opinion on the very same set of facts”. - PR. CIT V/s SKI RETAIL CAPITAL LTD. - [2020] 426 ITR 414 (MAD)